ImmunityBio (NASDAQ:IBRX) Shares Down 2.1% – Time to Sell?

ImmunityBio, Inc. (NASDAQ:IBRX) dropped 2.1% during mid-day trading on Monday . The company traded as low as $8.02 and last traded at $8.21. Approximately 16,491,684 shares were traded during trading, a decline of 60% from the average daily volume of 41,046,352 shares. The stock had previously closed at $8.39.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IBRX. Piper Sandler restated an “overweight” rating and issued a $12.00 target price (up from $7.00) on shares of ImmunityBio in a report on Wednesday, March 4th. HC Wainwright boosted their price objective on ImmunityBio from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, February 23rd. BTIG Research started coverage on ImmunityBio in a research report on Thursday. They issued a “buy” rating and a $13.00 price target for the company. The Goldman Sachs Group reissued a “buy” rating on shares of ImmunityBio in a research report on Monday, February 23rd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of ImmunityBio in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $14.40.

ImmunityBio Price Performance

The company has a market capitalization of $8.44 billion, a P/E ratio of -21.61 and a beta of -0.04. The firm has a fifty day moving average price of $6.62 and a 200-day moving average price of $3.84.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings results on Monday, March 2nd. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $38.29 million for the quarter. On average, research analysts forecast that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Insider Buying and Selling at ImmunityBio

In related news, Director Christobel Selecky sold 25,000 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $10.00, for a total transaction of $250,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Barry J. Simon sold 75,000 shares of ImmunityBio stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $12.01, for a total transaction of $900,750.00. Following the completion of the sale, the director directly owned 2,850,821 shares in the company, valued at approximately $34,238,360.21. This represents a 2.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 501,967 shares of company stock valued at $4,466,412. Insiders own 69.48% of the company’s stock.

Institutional Investors Weigh In On ImmunityBio

Large investors have recently modified their holdings of the stock. Slow Capital Inc. purchased a new position in ImmunityBio in the third quarter valued at approximately $25,000. Truist Financial Corp purchased a new stake in ImmunityBio in the third quarter worth $27,000. Swiss Life Asset Management Ltd purchased a new stake in ImmunityBio in the third quarter worth $27,000. WealthPlan Investment Management LLC bought a new stake in shares of ImmunityBio in the fourth quarter valued at $27,000. Finally, Diversify Advisory Services LLC bought a new stake in shares of ImmunityBio in the second quarter valued at $27,000. Hedge funds and other institutional investors own 8.58% of the company’s stock.

ImmunityBio Company Profile

ImmunityBio, Inc is a clinical-stage biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. The company’s research platform centers on harnessing the power of the human immune system—through engineered T cells, natural killer (NK) cells, cytokine superagonists and viral-vectored vaccines—to target and eliminate diseased cells across a range of indications.

Among its lead assets is Anktiva (formerly known as N-803), an interleukin-15 superagonist designed to stimulate NK and T cell activity.